Newsletter Articles From 2016

2016 legislationBy David KrchakDecember 2016There were two new statutes affecting Illinois employers and employees passed in the most recent session of the legislature and signed into law by Governor Rauner. There were also three acts which were amended during 2016.

Lenders and contaminated propertyBy Eugene P. Schmittgens, Jr.May 2016Establishing proper safeguards and with a property with a viable end-use, contaminated properties can be profitable for all parties.

New overtime rule impacts exempt employeesBy Donald S. Rothschild and Brian M. DoughertySeptember 2016On May 18, 2016, the U.S. Department of Labor issued its Final Rule which made significant changes to EAP and HC employees’ salary and compensation levels. The Final Rule did not make any changes to the salary basis test or duties test. The Final Rule becomes effective on December 1, 2016.

Proposed 2704 changes meet stiff resistance at IRS hearingBy Bruce A. JohnsonDecember 2016Since the tax court decision of Kerr v. Commissioner, the IRS has been concerned that certain loopholes exist in IRC 2704 that allow taxpayers to gift interests to family members in entities that have no business purpose and allow the transfer of wealth without due consideration of the value to the transferor.

The regulation process from a business attorney’s perspectiveBy James S. PetersJune 2016The Illinois General Assembly, through its Joint Committee on Administrative Rules , has made it very easy for attorneys representing business clients to monitor and participate in the rulemaking process that will directly impact all types of Illinois businesses.

Requirements contract or not? No courts agreeBy Stephen M. ProctorMarch 2016Any buyer that expects to have an assured supply of products by purchasing its requirements from a specific seller should make clear in the agreement that the buyer is also committing to purchase its requirements from the seller exclusively, exposing the buyer to damages if the buyer goes elsewhere for it products.